Great Depression USA annual real GDP from 1910–60, with the years of the Great Depression (1929–1939) highlighted. The unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.[2] The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Cities all around the world were hit hard, especially those dependent on heavy industry. Some economies started to recover by the mid-1930s. Start Even after the Wall Street Crash of 1929, optimism persisted for some time; John D. Economic indicators Causes General theoretical explanations
Morgan Stanley Morgan Stanley (NYSE: MS) is an American multinational financial services corporation headquartered in the Morgan Stanley Building, Midtown Manhattan, New York City.[5] Morgan Stanley operates in 42 countries and has more than 1300 offices and 60,000 employees.[6] The company reports US$1.9 trillion in client assets under management as of the end of 2013.[4] The corporation, formed by J.P. Morgan & Co. partners Henry S. Morgan (grandson of J.P. Morgan), Harold Stanley and others, came into existence on September 16, 1935, in response to the Glass-Steagall Act that required the splitting of commercial and investment banking businesses. In its first year the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. Overview[edit] The Morgan Stanley Building History[edit] Early years: 1935–1950[edit] Morgan Stanley can trace its roots in the history of J.P. Middle years: 1950–1990[edit] 1991–present[edit] Current Morgan Stanley Logo 2013 2003[edit]
The punishment of the American saver – JP Morgan Chase CEO makes 843 times the median household income and pays his Chase customers 0.01 percent on their savings. The current financial system is designed to punish old school savers. By definition in our debt based economy those who save are actually taking fuel out of the consumption based economy. Spendthrifts are the high octane that keeps things spinning even if it comes with a high debt price tag. You see this occurring in the world for example with countries with high surpluses bailing out countries with big debt problems in particular in Europe. We are different but not so much. The Federal Reserve has made savers a pariah in the last decade. CEO earns 843 times the median household income and manages to pay out 0.01% in interest One of the starkest contrasts is the savings rates offered at too big to fail banks. For your regular savings account at Chase you will earn 0.01% in interest. “(Reuters) Dimon’s total compensation jumped nearly 1,500 percent to $20.8 million in 2010 from $1.3 million a year earlier, based on the U.S. The figures get more interesting when you run the numbers:
Woodrow Wilson In his first term as President, Wilson persuaded a Democratic Congress to pass a legislative agenda that few presidents have equaled, remaining unmatched up until the New Deal in 1933.[2] This agenda included the Federal Reserve Act, Federal Trade Commission Act, the Clayton Antitrust Act, the Federal Farm Loan Act and an income tax. Child labor was curtailed by the Keating–Owen Act of 1916, but the U.S. Supreme Court declared it unconstitutional in 1918. Wilson also had Congress pass the Adamson Act, which imposed an 8-hour workday for railroads.[3] Although considered a modern liberal visionary giant as President, Wilson was "deeply racist in his thoughts and politics" and his administration racially segregated federal employees and the Navy.[4][5] According to Wilson biographer A. Scott Berg, author of Wilson, an 815-page biography; "No matter what time you lived, some of the things Wilson said and did were racist. That being said, I do think that for his day, he was a centrist.
J. P. Morgan, Jr. John Pierpont "Jack" Morgan, Jr. (September 7, 1867 – March 13, 1943) was an American banker and philanthropist.[1] Biography[edit] Morgan, Jr. was born on September 7, 1867 in Irvington, New York to J. P. Career[edit] Jack Morgan walking alongside his father J. The younger Morgan resembled his father in his dislike for publicity and continued his father's philanthropic policy. World War I[edit] Morgan played a prominent part in financing World War I. At the beginning of World War I, US Treasury Secretary William McAdoo and others in the Wilson administration were very suspicious of J. On 3 July 1915, an intruder, Eric Muenter, entered Morgan's Long Island mansion and shot him twice in an attempt to assassinate him. Postwar[edit] After World War I and the Versailles Treaty, Morgan Guaranty managed Germany's reparation payments. A yachtsman, like his father, Morgan served as commodore of the New York Yacht Club from 1919 to 1921. Philanthropy[edit] Social[edit] References[edit] Jump up ^ J.P.
J.P.Morgan Chase and Goldman Sachs mic-checked at Princeton University To Our Faithful Current.com Users: Current's run has ended after eight exciting years on air and online. The Current TV staff has appreciated your interest, support, participation and unflagging loyalty over the years. Your contributions helped make Current.com a vibrant place for discussing thousands of interesting stories, and your continued viewership motivated us to keep innovating and find new ways to reflect the voice of the people. We now welcome the on-air and digital presence of Al Jazeera America, a new news network committed to reporting on and investigating real stories affecting the lives of everyday Americans in every corner of the country. Thank you for inspiring and challenging us. – The Current TV Staff
Federal Reserve Act Federal Reserve The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes, now commonly known as the U.S. Dollar, and Federal Reserve Bank Notes as legal tender. The Act[edit] The Federal Reserve Act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional Federal Reserve banks. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System. Background[edit] Central banking has made various institutional appearances throughout the history of the United States. The First Bank of United States[edit] The American financial system was deeply fragmented after the revolutionary war. The 2nd Bank of the United States[edit]
Federal Reserve Bank of New York Federal Reserve Bank of New York building The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. Among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals.[3][4] Its current president is William C. Largest regional Federal Reserve Bank[edit] Map of the Second District Map of Federal Reserve districts Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in Manhattan's Financial District has been the place where monetary policy in the United States is implemented, although policy is decided in Washington, D.C. by the Federal Reserve Board of Governors. Move to 33 Liberty Street[edit] Terrorism attempt[edit] On October 17, 2012, Quazi Mohammad Rezwanul Ahsan Nafis, 21, a resident of Queens, New York, was arrested in a federal terrorism sting targeting the Federal Reserve Bank. Class A[edit] Class B[edit]